Libra Representatives to Meet World’s Central Banks Over Regulatory Concerns

There’s a whole lot of cryptocurrency out there and one specific coin has been getting slated by the media and regulatory bodies significantly more than the rest. Can you guess which coin that is?

Libra

If you guessed Facebook’s upcoming stable coin, Libra then you’re onto a winner. The social network is set to go through another round of extreme questioning as it goes ahead with its plans to launch the aforementioned Libra.

So Facebook will face (pardon the pun) representatives of 26 central banks including the Federal Reserve and the European Central Bank (ECB) in Switzerland on Monday. This interaction is set to see lawmakers from across the world discussing the worries surrounding the controversial digital asset.

Chairing the Libra meeting will be ECB’s Benoît Coeuré, who has reassured that the bar for granting a regulatory approval to libra in the European Union would be “very high.”

Facebook introduced Libra as an asset which could upend the traditional financial system but that’s not how the regulators see it.

In their head, Libra is a project which is trying to undermine society and government by acting as a defacto currency manager. Maybe I'm exaggerating a little bit, the general idea is still there.

In the meeting, representatives from Libra say they would welcome such debates from lawmakers:

“We welcome this engagement and have deliberately designed a long launch runway to have these conversations, educate stakeholders and incorporate their feedback in our design.”

Coeuré recognised that central banks need to look into research and development to limit libra’s foray into the finance space. He even went onto say that facebook’s cryptocurrency is a wake-up call for banks so they should make consumer payments faster and cheaper.

It will be interesting to see how this meeting plays out. For more news on this and other crypto updates, keep it with CryptoDaily!